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1309 Summit Ave 3,188 SF 100% Leased Retail Building Union City, NJ 07087 $649,000 ($203.58/SF) 7.27% Cap Rate
Executive Summary
Mixed use ; 1 restaurant on the 1st floor and 2 unit apt on the 2nd floor . Restaurant use the basement and backyard. separate utilities ( 3 boilers , 3 hot water tank, 3 electric meter, 3 gas meter, 2 water meter ( one is for restaurant another is for apt ). Good income producing property ( Gross Income : $ 63,720, NOI : $ 47,192 ; CAP Rate : abut 7.3 % ). Good for the investor. Sold As-Is condition.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,188 SF
Building Class
C
Year Built/Renovated
2007/2015
Price
$649,000
Price Per SF
$203.58
Cap Rate
7.27%
NOI
$47,192
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.22
Lot Size
0.06 AC
Zoning
C - Commercial
Frontage
24’ on Summit Ave
Amenities
- Bus Line
- Signage
Exceptionally walkable
100/100
Fairly drivable
50/100
Strong public transit
80/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 10-00068-0000-00006 | Improvements Assessment | $292,700 |
| Land Assessment | $312,000 | Total Assessment | $604,700 |
Property Taxes
Parcel Number
10-00068-0000-00006
Land Assessment
$312,000
Improvements Assessment
$292,700
Total Assessment
$604,700
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1309 Summit Ave
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